Employee Retirement Plans (Tables)

12 Months Ended

Dec. 31, 2018

Pension plan

Employee retirement plans

Schedule of reconciliation of the beginning and ending balances of the projected benefit obligation, fair value of plan assets, funded status of plans, and amounts recognized in the consolidated balance sheets.

	December 31
	2018		2017
Benefit obligation at beginning of year	$	43,664	$	39,407
Service cost		409		356
Interest cost		1,555		1,613
Actuarial (gain) loss		(3,296)		3,571
Benefits paid		(1,391)		(1,283)
Curtailment		(759)		-
Benefit obligation at end of year		40,182		43,664
Fair value of plan assets at beginning of year		33,903		29,223
Actual return on plan assets		(1,506)		4,294
Employer contributions through December 31		7,047		1,669
Benefits paid		(1,391)		(1,283)
Fair value of plan assets at end of year		38,053		33,903
Funded status at end of year	$	(2,129)	$	(9,761)

Schedule of components of net periodic pension or other postretirement benefit cost

		2018		2017		2016
Components of net periodic pension cost:
Service cost	$	409	$	356	$	321
Interest cost		1,555		1,613		1,639
Expected return on plan assets		(1,901)		(1,790)		(1,824)
Amortization of net loss		706		723		724
Net periodic pension cost	$	769	$	902	$	860

Schedule of assumptions used in determining net periodic costs and summary of healthcare cost trend rates

	Year ended December 31
	2018			2017			2016
Discount rates		3.6	%		4.2	%	4.5	%
Rates of increase in compensation levels:
Salaried		3.5			3.5		3.5
Hourly		N/A			N/A		N/A
Expected long-term rate of return on assets
Salaried		5.8			6.5		7.25
Hourly		6.5			6.5		7.25

Schedule of expected benefit payments

2019	$	1,540
2020		1,530
2021		1,560
2022		1,740
2023		1,820
2024-2028		10,920

Schedule of weighted-average asset allocation and actual allocation for the qualified pension plans by asset category

	Target			2018				Target			2017
Large Cap Equity		5	%	$	-	0	%		34	%	$	2,259	35	%
Mid Cap Equity		0	%		-	0	%		3	%		199	3	%
Small Cap Equity		0	%		-	0	%		1	%		73	1	%
International Equity		2	%		-	0	%		14	%		950	15	%
Emerging Markets Equity		0	%		-	0	%		2	%		128	2	%
Fixed Income and Cash Equivalents		90	%		7,388	99	%		40	%		2,447	38	%
Real Estate		3	%		107	1	%		6	%		382	6	%
Total		100	%	$	7,495	100	%		100	%	$	6,438	100	%

Schedule of fair values of the Company's pension plan assets

The fair values of the Company’s pension plan assets as of December 31, 2018 are as follows:

	Balance as of December 31, 2018		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Fixed-income holdings	$	37,397	$	—	$	37,397	$	—
Alternative investments		656		—		—		656
Total pension plan assets	$	38,053	$	—	$	37,397	$	656

The fair values of the Company’s pension plan assets as of December 31, 2017 are as follows:

	Balance as of December 31, 2017		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Equity holdings	$	13,384	$	—	$	13,384	$	—
Fixed-income holdings		18,493		—		18,493		—
Alternative investments		2,026		—		—		2,026
Total pension plan assets	$	33,903	$	—	$	31,877	$	2,026

Schedule of reconciliation of the fair value measurements using significant unobservable inputs (Level 3)

	December 31,
		2018		2017
Balance, beginning of year	$	2,026	$	1,748
Deposits		213		100
Actual return on plan assets held at reporting date		136		142
Withdrawals and transfers		(1,719)		36
Balance, end of year	$	656	$	2,026

Salaried Pension Plan

Employee retirement plans

Schedule of weighted-average asset allocation and actual allocation for the qualified pension plans by asset category

	Target			2018				Target			2017
Large Cap Equity		5	%	$	-	0	%		21	%	$	6,111	23	%
Mid Cap Equity		0	%		-	0	%		2	%		542	2	%
Small Cap Equity		0	%		-	0	%		1	%		201	1	%
International Equity		2	%		-	0	%		9	%		2,573	9	%
Emerging Markets Equity		0	%		-	0	%		1	%		348	1	%
Fixed Income and Cash Equivalents		90	%		30,009	98	%		60	%		16,046	58	%
Real Estate		3	%		549	2	%		6	%		1,644	6	%
Total		100	%	$	30,558	100	%		100	%	$	27,465	100	%

Other postretirement benefit cost

Employee retirement plans

Schedule of reconciliation of the beginning and ending balances of the projected benefit obligation, fair value of plan assets, funded status of plans, and amounts recognized in the consolidated balance sheets.

	December 31
	2018		2017
Change in projected benefit obligation:
Benefit obligation at beginning of year	$	6,949	$	7,333
Service cost		189		205
Interest cost		233		278
Participant contributions		25		25
Changes in actuarial assumptions		(926)		(853)
Benefits paid		(50)		(39)
Projected benefit obligation at end of year	$	6,420	$	6,949
Amounts recognized in the consolidated balance sheets consisted of:
Accrued expenses and other current liabilities	$	180	$	140
Retiree health benefit obligation		6,240		6,809
	$	6,420	$	6,949

Schedule of components of net periodic pension or other postretirement benefit cost

		2018		2017		2016
Components of net postretirement health benefit cost:
Service cost	$	189	$	205	$	210
Interest cost		233		278	278
Amortization of net gain		(211)		(107)	(127)
Net postretirement healthcare benefit cost (income)	$	211	$	376	$	361

Schedule of assumptions used in determining net periodic costs and summary of healthcare cost trend rates

	Year Ended December 31
	2018			2017			2016
Discount rate		3.4	%		3.8	%	4.1	%
Immediate healthcare cost trend rate		*			**		***
Ultimate healthcare cost trend rate		4.5			4.5		4.5
Assumed annual reduction in trend rate		*			**		***
Participation		60			60		60

* Health Care Cost Trend rate is assumed to be 6.8%  beginning in 2018 gradually reducing to an ultimate rate of 4.5% in 2027.

**Health Care Cost Trend rate is assumed to be 7.0%  beginning in 2017 gradually reducing to an ultimate rate of 4.5% in 2026.

***Health Care Cost Trend rate is assumed to be 7.0%  beginning in 2016 gradually reducing to an ultimate rate of 4.5% in 2025.

Schedule of effect of one percentage point change in the healthcare cost trend rate

	1%		1%
	Increase		Decrease
Effect on total service and interest cost	$	48	$	(42)
Effect on postretirement benefit obligation		653		(577)